Hey Dogers!
Gaps need to be closed between 12 and 6 cents
If we don't dip into the blue box to close those gaps now, we will likely break 16 cents on the climb to ~20 cents at the 0.5 FIB before falling down
Bull: extend to 20 cents, pull back to 16, extend to ~32 and beyond?
Balanced: Consolidate around 8-9 cents (bottom of the blue box) meaning ups n downs with lower highs around 14 and higher lows in the 6-7 cent range
Bear: Drop to test 4.9, pull back to ~11, fall down to ~0.1 0.2
I think the bull case is most likely in the short term, lasting to the end of the year. We are coming off a multi month bear side, we should see a few weeks of consolidation before more volatility.
Gaps need to be closed between 12 and 6 cents
If we don't dip into the blue box to close those gaps now, we will likely break 16 cents on the climb to ~20 cents at the 0.5 FIB before falling down
Bull: extend to 20 cents, pull back to 16, extend to ~32 and beyond?
Balanced: Consolidate around 8-9 cents (bottom of the blue box) meaning ups n downs with lower highs around 14 and higher lows in the 6-7 cent range
Bear: Drop to test 4.9, pull back to ~11, fall down to ~0.1 0.2
I think the bull case is most likely in the short term, lasting to the end of the year. We are coming off a multi month bear side, we should see a few weeks of consolidation before more volatility.